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Posted 02/01/2017


VA Streamline Refinance: About The VA IRRRL Mortgage Program & VA Mortgage Rates

VA Streamline Refinance (IRRRL) mortgage guidelines
    • Be current on your mortgage with no more than one 30-day late payment within the past year.
    • Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)
    • You must not receive any cash from the IRRRL.
    • You must certify that you previously occupied the property.
    • You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance.)

      VA Streamline Refinance (IRRRL)

      In this article:

      • What is a VA IRRRL, aka VA Streamline Refinance?
      • Eligibility for VA Streamline Refinance
      • How to qualify and apply for the IRRRL
      • Taking cash out with a VA Streamline
      • VA Streamline Refinance rates and closing costs

      VA IRRRL: The Easy VA Refinance Mortgage

      If you have a VA home loan you’d like to refinance, the VA Interest Rate Reduction Refinance mortgage, or IRRRL, may be the easiest and least expensive way to get it done.

      This program is easy because the Veterans Administration does not require you to provide proof of employment or income. You don’t have to supply banks statements, and there is no minimum credit score.

      It can be cheaper because the VA does not require a home appraisal, and your funding fee is discounted, too.

      Who Is Eligible For A VA IRRRL?

      If your current mortgage is a VA home loan, and you did not assume it from someone else, you’ve already met the VA’s eligibility requirements.

      Unlike the VA mortgage you used to purchase your home, however, the IRRRL allows you to refinance vacation homes and rental properties.

      Refinancing To A VA Loan From A Non-VA Loan

      You can only refinance with a VA Streamline mortgage if the loan you already have is a VA mortgage. However, you can refinance from another type of loan to a VA mortgage, if you meet VA eligibility guidelines.

      The biggest advantage of a VA mortgage over conventional (non-government) home loans is that the borrower needs no down payment or home equity.

      There is no monthly mortgage insurance, but you do pay a funding fee. This fee varies according to your military status, loan-to-value, and the number of times you have used your VA eligibility before.

      In order to qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who was killed in the line of duty.

      Generally speaking, almost all active duty and/or honorably discharged service members are eligible for a VA purchase or streamline refinance loan.

      How To Qualify For A VA Streamline Mortgage

      In order to qualify for a VA Streamline, you must meet the following requirements:

Click to see your VA loan eligibility (May 24th, 2017)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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2017 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)